Medicare Supplement Plan N
Medicare Supplement Plan N is an affordable Medigap policy that assists with filling in some of the gaps in coverage with Original Medicare and helps cover certain deductibles and coinsurance. While it is less comprehensive than Plan F and Plan G, it is a good option for those looking for a low monthly premium while still receiving greater coverage than most Medigap plans.
What Does Medicare Supplement Plan N Cover?
Plan N covers:
- Medicare Part A deductible
- Medicare Part A coinsurance
- Hospital coinsurance
- Hospice care coinsurance
- 100% of your Medicare Part B coinsurance costs, except for a small copay that will have to be paid for doctor's office visits or emergency room visits
- First 3 pints of blood
- Up to 80% of foreign travel emergencies
What Is Not Covered?
The following are not covered by Plan N:
- Part B deductible
- Part B excess charges
- Prescription drugs
- Vision and dental care
- Hearing aids
- Private-duty nursing
- Long-term care
How Much Does Medicare Supplement Plan N Cost?
The best average price for Medicare Supplement Plan N is $92 per month with Cigna for a 65 year-old-nonsmoking female.
Three different calculation methods are used when determining your Medicare Supplement plan premiums.
- Community-rated – All customers are charged the same rate with a community-rated plan.
- Issue age – If your insurance company used this method of calculating rates, your rates would be based on your age when you first sign up for your plan. You do not have to worry about your monthly premium increasing as you age.
- Attained age – With this method, your rate is based on the age that you are at the time that you pay your premium. So as you age, your rates will go up.
Am I Eligible?
To be eligible, you must be at least 65 years old and enrolled in Medicare Part B to eligible.
When Can I Enroll?
The best time to enroll if you are eligible is your Medigap Open Enrollment Period, which lasts for six months and starts the month you have Part B coverage. During this time, any beneficiary who applies will be accepted into any plan of their choice, and health conditions will not impact pricing. However, suppose you are already past your enrollment period. In that case, you can still apply for a plan, but be aware that insurance companies will review your medical history when granting coverage and charging prices and can deny applications or charge applicants more.
Who Do I Enroll Through?
There are a few different companies that offer Medigap Plan N, but we feel these are a few of the best Medicare Supplement Plan N providers:
Of course, you can compare plans from other companies. We recommend the companies listed above for your Medigap policy, whether you choose Medigap Plan N or another plan, for these reasons:
- Top financial strength and ratings
- Long history in the health industry
- Great tools and ease of access at all points of the process
- Great customer service
- Competitive rates and stability over time
- Customer satisfaction
Medicare Plan N vs. Plan G
Medicare Plan G is another one of the popular health insurance supplement options that you can choose from. You may want to compare the healthcare benefits of these two Medicare Supplement plans to make the right choice.
- Medicare Plan G covers Plan B excess charges, but Medicare Supplement Plan N does not. Neither plan covers the Plan B deductible. Both plans offer additional health insurance, but Plan G does provide a little more coverage.
- Medicare Plan N rates are typically 25% to 35% cheaper than Medicare Supplement Plan G rates. The best Medicare Supplement Plan N companies will offer the best rates so you can maximize your savings.
- You do not have to worry about network restrictions with either plan. In addition, beneficiaries of either plan can enjoy their benefits anywhere that Medicare is accepted.
Ultimately, you should consider Plan N if you are looking for low monthly costs and are willing to pay a little extra for medical care. On the other hand, if you want more overall coverage and are willing to pay a slightly higher monthly premium, you should consider Plan G.
Ready to Learn More?
We help educate Medicare beneficiaries on their Medigap options and help them go through the process of reviewing and comparing plans. In addition, we work with some of the nation's top-rated Medigap carriers. So call us today, or request a quote online to learn more about Plan N in your state.
FAQ
The average monthly premium for Plan N can range from $77 to $240 per month.
While Plan N policies generally do not have deductibles, individuals who enroll in Plan N will need to meet the 2024 Medicare Part B deductible of $240.
About 10% of all Medigap enrollees have Plan N, making it the third most popular plan overall and the second most popular plan for new enrollees.
If you apply for Medicare supplement insurance outside the Medigap Open Enrollment Period without guaranteed issue rights, a Medicare insurance company may reject your application based on your health history or medical conditions.
You can change at any time, but if you do not have a guaranteed issue circumstance or are outside of your Medigap Open Enrollment Period, in that case, you can be denied coverage if your health conditions cannot pass the underwriting process.
For over 15 years, Matt Kiggins has been the senior editor at Simple Advisor, giving detailed advice on Medicare, life insurance, and dental coverage to thousands of clients in more than forty states. His demonstrated expertise in assisting people with their health plan selection is remarkable — it’s evident that he stands out among competitors as the go-to source for knowledge and support.
Matt holds a resident 2–15 Florida Health & Life (Including Annuities & Variable Contracts) Agent License in Florida, his state license number is P116762 (Issued 10/1/2007).
Please note that the average quotes provided are for demonstration purposes only. Your actual premiums will be determined based on several factors such as your health conditions, age, location, tobacco status, gender, and insurance provider.
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